0000707549-16-000027.txt : 20160525 0000707549-16-000027.hdr.sgml : 20160525 20160524215325 ACCESSION NUMBER: 0000707549-16-000027 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160524 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160525 DATE AS OF CHANGE: 20160524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAM RESEARCH CORP CENTRAL INDEX KEY: 0000707549 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 942634797 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-12933 FILM NUMBER: 161673330 BUSINESS ADDRESS: STREET 1: 4650 CUSHING BLVD CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5106590200 MAIL ADDRESS: STREET 1: 4650 CUSHING PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 8-K/A 1 lrcx_8-kax05x24x2016xdoc.htm 8-K/A Document



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K/A
(Amendment No. 1)
___________________

Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 24, 2016
___________________

 
LAM RESEARCH CORPORATION
 
 
(Exact name of registrant as specified in its charter)
 
Delaware
0-12933
94-2634797
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification Number)
4650 Cushing Parkway
Fremont, California 94538
(Address of principal executive offices including zip code)
 
(510) 572-0200
 
 
(Registrant’s telephone number, including area code)
 
 
 
 
 
Not Applicable
 
 
(Former name or former address, if changed since last report)
 
___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Table of Contents
 
 
Page
Explanatory Note
Item 8.01
Other Events
Item 9.01
Financial Statements and Exhibits
Signatures
Exhibit Index





Explanatory Note

This Amendment No. 1 to Current Report on Form 8-K/A (this “Amendment”) hereby amends and supplements the Current Report on Form 8-K of Lam Research Corporation (the “Company”) originally filed with the Securities and Exchange Commission on May 23, 2016 to provide, among other items, certain financial information with respect to pro forma financial statements combining the historical consolidated financial position and results of operation of the Company and its subsidiaries and KLA-Tencor Corporation ("KLA-Tencor") and its subsidiaries, as well as the computation of the Company’s ratio of earnings to fixed charges and the computation of the Company’s unaudited pro forma ratio of earnings to fixed charges.

Item 8.01. Other Events
In presenting the pro forma condensed combined statements of operations, the Company previously presented the reclassification of $74.1 million of other expense, net to interest expense for the nine months ended March 27, 2016, to conform to the combined presentation. The Company is filing this Amendment to supplement the prior presentation by increasing the reclassification of other expense, net to interest expense for the nine months ended March 27, 2016, to $101.3 million as compared to the $74.1 million previously presented. This supplement to the prior presentation relates to $27.2 million associated with the amortization of debt issuance costs, primarily relating to the bridge commitment letter the Company entered into in connection with the planned acquisition by the Company of KLA-Tencor, which costs are properly categorized as interest expense as compared to other expense. After giving effect to this supplement to the prior presentation, the Company’s ratio of earnings to fixed charges for the nine months ended March 27, 2016 would have been 7.6x on an actual basis, and the Company’s pro forma ratio of earnings to fixed charges (giving effect to the acquisition by the Company of KLA-Tencor and related financing transactions) for the nine months ended March 27, 2016 would have been 3.6x.

Accordingly, this Amendment provides (i) the updated computation of its ratio of earnings to fixed charges for the nine months ended March 27, 2016 and for the years ended June 28, 2015, June 29, 2014, June 30, 2013, June 24, 2012 and June 26, 2011, which is attached as Exhibit 12.1 hereto and incorporated by reference herein, and (ii) the updated computation of the Company’s pro forma ratio of earnings to fixed charges for the nine months ended March 27, 2016 and for the fiscal year ended June 30, 2015, giving effect to the acquisition by the Company of KLA-Tencor and related financing transactions, which is attached as Exhibit 12.2 hereto and incorporated by reference herein.
In addition, with regard to the stockholders’ equity portion of the pro forma combined company consolidated balance sheet as of March 27, 2016, the correct classification of the components of stockholders’ equity results in common stock of $237 and additional paid in capital of $11,308,955 (numbers in thousands), with no change to total stockholders’ equity.

Item 9.01. Financial Statements and Exhibits
(d) Exhibits
12.1
Computation of Ratio of Earnings to Fixed Charges for the nine months ended March 27, 2016 and the years ended June 28, 2015, June 29, 2014, June 30, 2013, June 24, 2012 and June 26, 2011
12.2
Unaudited Pro Forma Computation of Ratio of Earnings to Fixed Charges






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 24, 2016
LAM RESEARCH CORPORATION
 
 
 
 
 
 
 
 
 
 
By:
/s/ Douglas R. Bettinger
 
 
Douglas R. Bettinger
 
 
Executive Vice President and Chief Financial Officer
 
 
(Principal Financial Officer and Principal Accounting Officer)
 
 
 
 
 
 





EXHIBIT INDEX
12.1
Computation of Ratio of Earnings to Fixed Charges for the nine months ended March 27, 2016 and the years ended June 28, 2015, June 29, 2014, June 30, 2013, June 24, 2012 and June 26, 2011
12.2
Unaudited Pro Forma Computation of Ratio of Earnings to Fixed Charges



EX-12.1 2 a121ratioofearningstofixed.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

Lam Research Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
 
Nine Months
 
Fiscal Years Ended
 
Ended
 
June 28,
 
June 29,
 
June 30,
 
June 24,
 
June 26,
 
March 27, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
Ratio of earnings to fixed charges 1
7.6

 
11.0

 
12.6

 
2.1

 
6.2

 
72.4

Income before income taxes
$
678,125

 
$
740,850

 
$
723,363

 
$
66,658

 
$
204,418

 
$
800,876

Less: Income (loss) from equity investees

 

 
683

 
1,171

 
(246
)
 

Add: Interest Expense
101,294

 
73,682

 
61,692

 
60,408

 
38,962

 
5,380

Interest component of rental expense
874

 
647

 
760

 
759

 
638

 
5,839

Adjusted Earnings
$
780,293

 
$
815,179

 
$
785,132

 
$
126,654

 
$
244,264

 
$
812,095

_________________________________
1 For purposes of computing our ratio of earnings to fixed charges, earnings consist of earnings (loss) before income taxes and cumulative effect of accounting change plus interest expensed; and fixed charges consist of interest expensed, interest capitalized and amortized premiums, discounts and capitalized expenses related to indebtedness.



EX-12.2 3 a122proformaearningstofixe.htm EXHIBIT 12.2 Exhibit
Exhibit 12.2

Lam Research Corporation
PRO FORMA COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
 
Nine Months
 
Year Ended
 
Ended
 
June 28,
 
March 27, 2016
 
2015
Ratio of earnings to fixed charges 1
3.6

 
1.9

Income before income taxes
$
702,128

 
$
285,629

Less: Income (loss) from equity investees

 

Add: Interest Expense
270,461

 
304,457

Interest component of rental expense
1,277

 
1,186

Adjusted earnings
$
973,866

 
$
591,272

_________________________________
1 For purposes of computing our pro forma ratio of earnings to fixed charges, earnings consist of earnings (loss) before income taxes and cumulative effect of accounting change, giving effect to both the anticipated merger between Lam Research Corporation and KLA-Tencor Corporation and the proposed debt transaction related financings, plus interest expensed; and fixed charges consist of interest expensed, interest capitalized and amortized premiums, discounts and capitalized expenses related to indebtedness.